Only Pull Back rally if follow up consolidation develop
Intra Day Chart Analysis & Market Outlook
(02-08-2019)
Nifty-Intra Day Chart (01-Aug-2019):- |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- More than 2% slipping
3- Consolidation Patterns formation in last 4 hours between 10881-11005
4- Whole day actual trading between 10881-11076
Conclusions from intra day chart analysis
As firstly selling through Up moves in Bearish Rising Channel after weak opening and Indian markets are in Bear phase therefore more than 2% slipping in first 5 hours. Consolidation Patterns formation also developed in last 4 hours hence sharp recovery was seen in last half hour.
Indian markets are Bearish and Long Term Trend has also turned down after 3 consecutive sessions closing below its decider 200-Day SMA(today at 11150).
As more than 1% recovery in last 45 minutes and 4 hours consolidation Patterns formation also therefore if Nifty sustains above today lowest and follow up consolidation also develops between or near about 10881-11005 then only Pull Back rally will be considered.